Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1887-05-07

S "n" Misest bybtem Oh Danklnt
ever iDaugurated-and in fact dom
think 1t safe TO keep State deposits il
any institutions in these times which
Will not be conservative enough 30 keeT
such reserve fund on hand. Ny
friend, the Senator from Lynchburg,
claims the banks will make 10 per cent
My figures and best efforts will not
work ont such n result but to admit
that he is right and l am wrong. sup.
pose we do accept and pass this bill,
would we have security equal TO that al
present held by your Treasurer to secure
State deposits?
He held that the balance in the hands
OF the Treasurer is decreasing rapidly,
and asked what would be done when il
Is all gone ? The Treasury has been
empty more than once and what did
we do? BORROWED. And from whom
The question leads me to answer: From
the Planters National Bank OF Rich
mOnd, one of the present State deposi-
tories bank which loaned to the ex-
tent of its whole capital stock, and
without security other than on pledge
of the officers OF this State. And no
other bank in this Commonwealth
would lend one dollar to the Governor
and | call upon the President of this
Senate TO testify TO what extent this
bank did help in this time OF sorest
need.
Further on ne said would not have
you to think for moment that | am
prompted by any interest in this or any
other institution which is likely to be-
come q seeker after deposits, but do,
in the fulness of my appreciation as a
member OF the Senate, having the in
terest of the State at heart. declare that
none did, nor none would, stand by
the State as the Planters National Bank
did when the State was in her sorest
need. / have no stock in the Planters
National Bank, or any other bank, but
| am determined that so far as it is in
my power justice shall be done and the
merit awarded to those who deserve
praise. This bank never paid dol
lar into the Treasury in coupons,
and has used the influence it
possesses in keeping others from so
doing. feel satisfied that you will
make an error in changing this law, and
should you change it feel satisfied you
will lose the Planters National Bank as
State depository. And when our
Treasury is emptied, and it is daily get
ting lower, to whom will you apply for
help? You did apply to others in your
need, but not one responded except
this bank, and none will respond in fu-
ture shall ysn make such requests. The
figures | have given you show gain TO
the bank of but little over 2 per cent.
per annum and should Riddles from
any cause depreciate per cent, where
will the profit to any bank be? And
again Under the law at present no
pant of the deposit is exempt from
payment Of interest, while under the
law proposed you exempt $4,000 in
each bank. Go ahead and create ten
or twenty repositories, and then figure
your gain by this change. / earnestly
advise YOU to let the matter stand as it
is at present, or amend the same giving
the Governor such powers as we may
deem judicious and in doing so |
think you will show your wisdom and
good judgment.
Mr.. Mccormick offered an amend
ment providing that this act shall not
interfere with the act of February a,
1886, providing for the deposit of State
funds in certain cases. This subject
had been carefully considered by the
revisers of the Code, and the law men
toned will not operate longer than
February ], 1888, when the new Code
goes into effect.
The amendment was agreed to.
Mr.. Koiner opposed action on this
matter at this time and adj
vocated postponement until next
week.
Mr.. Hoaton moved that the measure
be passed by and be made the special
order for Tuesday next.
Mr.. Diggs, the patron of the bill,
spoke at some length in advocacy
Of it.
The bill was passed by to be made
the special order for Tuesday at l
= NJ